GBP/USD drops to 1.5234

The British Pound lost its value together with other risky currencies yesterday, as weak macro economic data increased uncertainty in the market. The Cable decreased from the 20-day SMA at 1.5279 to the major support level at 1.5234. This level successfully holds a bullish front, since the price was unable to breach it for previous six sessions. In case the support gives in and the Cable slips below, the pair should find another support at 1.5166, where the 55-day SMA intersects the weekly S1.

Bulls on the Sterling cut their positions by 2% to 56%, as data from various world's economies do not indicate any substantial recovery. Placed orders market is gently bearish with 56% of sell pending orders.